Abrdn Property Regulatory News (API)

17 Aug 2007 07:00

API Group PLC17 August 2007 17 August 2007 Resignation of David Walton, CEO API Group plc announces that David Walton, Group CEO, has resigned and will seeknew opportunities outside the Group. To ensure a smooth transition ofoperational responsibilities, he has agreed to remain in his role as CEO for thetime being; however he will step down as a Director of the Company withimmediate effect. The Board has initiated an external search for his successor. Consistent with the comments made at the time of the interim results in May, theBoard expects the results of the Group for the period to 31 March 2008 to bebroadly in line with current expectations and to represent an improvement overthe same period in the previous year. The Group's achievement of its forecastresults for the year remains reliant on a successful outcome to a number ofsignificant initiatives within the Laminates business and uncertaintiesregarding movements in dollar exchange rates and recent changes in VATregulations in China. Richard Wright, Non-Executive Chairman said: "It is with regret the Board has accepted David's resignation. David has made animportant contribution to the Group, initially as Finance Director and latterlyas CEO. The Board would like to thank him and wish him well for the future. Inthe meantime we are pleased that he has agreed to remain with the Group toensure a smooth handover and we have initiated a search for his successor." Ends Enquiries Richard Wright, Non-executive Chairman, API 01625 858700Group plc Charles Palmer, Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange